Home Sales Drop to 13-Year Low as High Prices and Rates Deter Buyers

Home sales dropped in September to a 13-year low as prices and rates stymie demand.

Median home price hit a record $394,300, up 2.8% annually.

Sales fell 2% monthly and 15.4% annually to 3.96 million units.

Low inventory and high prices continue hampering sales.

Mortgage rates above 7% and softening inflation may limit further Fed rate hikes.